Why Reverse Mortgages?
Reverse mortgages, available to qualifying homeowners ages 62+, generally come with no limits on the use of the funds. Reverse mortgage funds are first used to pay any liens on the home, including a regular mortgage or home equity loan. In some cases, a portion of proceeds is withheld or set aside to pay taxes and insurance. Remaining funds often: Offset day-to-day living expenses. Cover emergency expenditures, such as car or home repairs. Pay for medical costs. Provide for in-home care, allowing the owner to remain in their own home longer. Sometimes, homeowners use a reverse mortgage just to pay off their existing loan. They do not access...READ MORE